On Thursday Deutsche Bank reduced its target price for Kering shares from €177 to €170, while maintaining its "hold" recommendation on them.
The analyst believes that the luxury group is still going through a period of uncertainty due to the recent arrival of Demna as creative director at Gucci and the appointment of Luca de Meo as CEO.
However, the broker said it does not expect Gucci's business to decline as sharply in Q2 as in Q1, but fears that the decline in the number of American and Chinese tourists will hurt the group's other brands.
In this volatile environment, Deutsche says it expects sales to fall by 15% in H1 and has reduced its estimates for H2.
While the professional says that he expects a "weak" H1, he also believes that this factor is now largely factored into the share price.
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A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2025, Kering had 43,731 employees and restated revenue of EUR 14.7 billion.
At the end of 2025, the Group had a network of 1,719 stores under its own management, located primarily in Western Europe (361), Japan (225), Asia-Pacific (666) and North America (308).
Net sales are distributed geographically as follows: France (5.6%), Western Europe (24.5%), Japan (7.9%), Asia/Pacific (28.6%), North America (24.2%) and other (9.2%).
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